Laws regarding security deposits

On Behalf of | Sep 8, 2020 | Landlord/Tenant Matters

For landlords as well as tenants in New York City, there are many different challenges related to apartments and rental houses. It is imperative for people on both sides to understand their rights and take action when the terms of an agreement are broken. For example, there are laws in place to protect tenants with respect to security deposits and it is important for landlords as well as tenants to understand these requirements. 

Unfortunately, some landlords find themselves in hot water because they are unfamiliar with their legal obligations, while many tenants are taken advantage of because they do not realize their rights. 

How much can landlords charge for the security deposit?

According to the City of New York’s website, landlords are not able to charge a security deposit that exceeds more than one month of rent. Since the laws vary from one state to the next, some landlords and tenants do not realize these restrictions, which can lead to problems. It is imperative for landlords and tenants to carefully go over these issues when charging or paying security deposits. 

How long do landlords have to return security deposits?

Aside from the amount of a security deposit, there are other laws related to this facet of the rental process. For example, landlords are required to return security deposits in no more than 14 days after the tenancy ends. Many renters do not receive their security deposits in a timely manner, leading to stress and financial challenges, so it is crucial for landlords and tenants to carefully reflect on these matters.